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what are advantages of just in time purchasing in costing

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 asked

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

**The use of just-in-time inventory has the following advantages:** -There should be minimal amounts of inventory obsolescence, since the high rate of inventory turnover keeps any items from remaining in stock and becoming obsolete. -Since production runs are very short, it is easier to halt production of one product type and switch to a different product to meet changes in customer demand. -The very low inventory levels mean that inventory holding costs (such as warehouse space) are minimized. -The company is investing far less cash in its inventory, since less inventory is needed. -Less inventory can be damaged within the company, since it is not held long enough for storage-related accidents to arise. Also, having less inventory gives materials handlers more room to maneuver, so they are less likely to run into any inventory and cause -damage. -Production mistakes can be spotted more quickly and corrected, which results in fewer products being produced that contain defects.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

**ADVANTAGES OF JUST IN TIME PURCHASING** The advantages of JIT purchasing are It results in considerable savings in material handling expenses. It results in savings in factory space. Investment in raw material and work in progress is substantially reduced. Large quantity discounts can be obtained and paperwork is reduced because of orders. Thanks

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Open uri20170510 32134 tcchcu?1494421832 answered

Hiii friend.... JIT Just in Time Purchasing Advantages --------------------------- JIT is a production and inventory control system in which materials are purchased and units are produced only as needed to meet actual customer demand. In just in time manufacturing system inventories are reduced to the minimum and in some cases they are zero. **JIT works in the three types of inventories:** a) **Raw materials**: inventories provide insurance in case suppliers are late with deliveries. b) **Work in process**: inventories are maintained in case a work station is unable to operate due to a breakdown or other reason. c) **Finished goods**: inventories are maintained to accommodate unanticipated fluctuations in demand. **The main BENEFITS of JIT are the following:** 1. Funds that were tied up in inventories can be used elsewhere. 2. Areas previously used to store inventories can be used for other more productive uses. 3. Throughput time is reduced, resulting in greater potential output and quicker response to customers. 4. Defect rates are reduced, resulting in less waste and greater customer satisfaction. Most companies find, however, that simply reducing inventories is not enough. To remain competitive in an ever changing and ever competitive business environment, must strive for continuous improvement. Regards, Jitendra Suthar

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